Abbreviations - All Sections Flashcards

Question

AAA KITE VID WC

Answer 1

Crime Exclusions - Acts committed by You, Your partners, or Members (Exception for ERISA Plan Official Dishonesty) - Acts committed by Your Employees, ERISA Plan Officials, Managers, Directors, Trustees or Representatives (Exclusion Doesn’t apply to any Fidelity Coverages) - Acts Committed by Your Employees or ERISA Plan Officials Prior to the Policy Period (can’t rehire someone that has stolen in the past) - Kidnap, Ransom, Extortion and Other Unlawful Demands - Indirect Loss: No BI or EE coverage, just compensatory - Trading: Can add back coverage but for stock and commodity trading - ERISA Employee Benefit Plan: Only that coverage section applies - Virtual Currency - Inventory Shortages: Need more evidence than just shortage - Data Security Breach (cyber) - Warehouse Receipts (can add endt) - Confidential or Personal Information (cyber)

Answer 2

5 Additional Exclusion - Computer and Funds Transfer Credit card transactions Authorized access Fraudulent instruction Exchanges or purchases Inventory shortages

Answer 3

Exclusions Applicable to Insuring Agreements 3, 4, and 5 (7) - Fire - Exchange or Purchases - Money-Operated Devices (unless continuously recording amounts in device) - Accounting or Arithmetical Errors or Omissions - Vandalism - Voluntary Parting of Title to or Possession of Property - Vehicles or Equipment and Accessories

Answer 4

5 Conditions for Crime Policies You have to be a dj in Atlanta for this crime to apply (condition) - Duties in The Event of a Loss (120 days to give detailed account of loss) - Joint Venture: First named insured act for all insureds. If one designated person has knowledge of crime, considered that all insureds have knowledge of crime - Additional Premises or Employees: will cover for the addition of premises or employees during the policy term and doesn’t require notice - Territory: anywhere in the world - Limit of Insurance: If applicable under multi insuring agreements, they pay the highest limit between the agreements

Answer 5

Common Cyber Exposures (6) - Regulation: Can have losses in multiple jurisdictions - Internet of Things: Variety of devices are now connecting to the internet and allowing access to your network - Storage of Data: Data located in a # of different places - Credit Card Transactions - Websites and Social Media - Collection of Private information

Answer 6

Cyber- Personal Information Definition (6 Types that are included but not limited to) Sunscreen on abs is private thing to do Social security, DL# or state ID - Protected Health Information - Financial account #’s - Any other nonpublic information as defined in privacy regulations - Biometric data - Security codes, passwords, PINS associated with credit, debit or charge card #’s that would allow access to financial institution funds

Answer 7

Cyber- First Party Loss Exposures (9) First party wind ex of exposure Forensic Analysis PCIDSS: must go through the Data Security standard to get certification again after a credit card data is compromised Website Vandalism Income (business Income): Lost income because data or systems have been compromised Income (business income) Notification costs Negative publicity Denial of service attacks: Hacker pinging system so much that the vendor can’t sell anything through ecommerce portals Extortion (cyber) and ransomeware Repairing or restoring data

Answer 8

First party expenses for when u get cyber conned under agreement A Cyber Incident or information security breach expense - Coverage Inclusions (5) Forensic Costs Public relations firm costs to protect the reputation of the company Credit monitoring service Overtime salaries for employees or fees and costs to hire a call center Notification expenses to affected parties in accordance to privacy regulations

Answer 9

Cyber - 3rd Party Exposures (5) Wire fraud (between two parties, 3rd party exposure) - Wrong recipient - Website Infected - Infringement issues (copyright and intellectual property rights) - Regulatory issues - Emails infected

Answer 10

Cyber Exclusions (9) - Payment Card Industry (exception for the Payment Card Industry coverage. Intended to not duplicate coverage) - Interruption or Failure of Services (doesn’t pay for loss of electricity or utilities) - Material Published with Knowledge of Falsity - Music Licensing and Royalties (Only applies to Media Liability - Prior Knowledge, Prior Notice, and Prior or Pending Litigation - Bodily Injury and Property Damage - Act of Nature - War - Breach of Contract and Assumed Liability

Answer 11

Payment Card industry Costs (4 things it pays, 4 things it doesn't pay) Pays - Compensatory awards or judgments - Assessments (card reissuance costs and fraud recoveries), and contractual fines or penalties under terms of payment card service agreement - Monetary Settlements - Punitive, exemplary and multiple damages Doesn't pay: - taxes, fines, penalties or assessments imposed by law, other than punitive - uninsurable (any) amounts that are under the law pursuant - Restitution, disgorgement, royalties, unjust enrichment, profits insured didn't earn - fees - Interchange fees or rates, discount fees, processing fees

Answer 12

5 Areas where umbrella is Sometimes Broader (aircraft, boat, coverage territory, definition of BI, Expected or Intended Injury) Non-Owned Watercraft Coverage Territory Expected or inteded injury exclusion Definition of bodily injury to include mental aguish or mental injury Non-Owned Aircraft

Answer 13

Exclusions (10) Watercraft Employment-Related Practices Contractual Liability Liquor Liability Aircraft Professional liability Damage to your work Uninsured / Underinsured Motorists Pollution Electronic Data Liability

Answer 14

1st party cyber insurance agreements (CCyBeR) Cyber incident or info security breach Cyber extortion Business income Replacement and Restoration of Data

Answer 15

CybeR Money Payments (to others) 4 3rd party insuring agreements Cyber incident or info security breach (same) Regulatory Proceedings Liability Medial Liability Payment card industry liability

Answer 16

Payment Card Monetary Amounts What the payment card industry coverage pays for Punitivate Compensatory Assessments / Fines from card agreement Monetary

Answer 17

TUFf for Payment card to cover these Taxes / fines / penalties imposed by law Uninsurable Amounts Profit / Advantage Fees (Discounts / Processing / Etc)

Answer 18

that ad cut me DEEP Media Liability Coverages - Defamation / Reputational Harm Emotional distress / outrage infliction E&O Statements Privacy Invasion